Hunt Real Estate Capital has provided a $64.14 million loan for the acquisition of Park Western Apartments, a 216-unit affordable housing community in San Pedro. The Fannie Mae M.TEB loan has a 17-year term, 40-year amortization and provides significantly greater loan proceeds to support a substantial rehab budget.
Built in 1969, the property is located on a 7.7-acre site at 1327 West Park Western Drive. It features 32 one-bedroom units, 128 two-bedroom apartments, 32 three-bedroom units, 24 four-bedroom apartments, and a 1,300-square-foot maintenance shop.
According to RBC Capital Markets, this was the second largest Fannie M.TEB loan made and featured the lowest rate closed in the program since 2016.
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